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Neo banks are first financial digital company which provides services like banking and finance but does not have a physical presence. Neo Banking provides all the services which physical banking provides like checking account , credit and debit cards, payments, funds transfer, vehicle and personal loans. With the increase of digitalization of banking services has increased the demand for Neo Banking. The increase in use of smartphones impacts the growth of the Neo banking market . Neo banking market is segmented on the basis of account type like saving account or current account and service type like mobile banking, UPI, checking account loans and balance and others. Low in costs and user friendly services have an impact on the growth of Neo banking . Neo banking provides their clients security by giving consumers realtime information including investing , insurances etc.

North America:

Neobank in North America is predicted to grow at a significantly high rate due to strong digital adoption and presence of leading players in the region. North America focuses on substantial investments capital which provides neobanks with necessary funding to grow and innovate. This region showed significant market growth in the Neo banking sector with many startup companies establishing many players entering this sector. North America regulatory environment, financial bodies and many startup companies contribute a huge role in Neobanking growth. These factors combined with consumers and supportive investment which promise the future growth for the Neo banking industry in the North America region.

Asia Pacific:

The Neo banking in Asia pacific showed a growth opportunity in the market over a period of time. Neo banking adoption in the Asia region is expecting rapid growth, with notable adoption in China and South korea. As the neo banks have faced more challenges in some markets in the Asia pacific region because of regulatory barriers of establishing new companies in a market . Some of the most important regulator driven developed neo banking sectors are Malaysia, Indonesia, pakistan. In particular Malaysia noted progress with multiple applicants applying for licences to establish the sectors. In April 2022 Five digital banking licences were awarded making a milestone in the region. Additionally india also noticed growth in digital payment services by various companies offering services


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